Is Forex education compulsory for a trader?
- Thread starter Latham
- Start date
VasilTodorov
Well-known member
it is not always good to have a lots of sources it can lead you to ambiguity
you need to choose a source between ton of them nowadays and it is hard
you need to choose a source between ton of them nowadays and it is hard
Fin_Trader
Well-known member
Yes, there is a lot of information about Forex on the Internet. But any theory must be tested in practice. And many brokers give you the opportunity to open a demo account and test the performance of a particular theory there. And only then, with proven and tested ideas in practice, try to trade on a real account.
Forex education isn't a must, but it's like having a roadmap in unfamiliar territory. It helps you avoid wrong turns and dead ends. Knowing the basics, like how to analyze the market, manage risks, and use different trading strategies, can make a huge difference in your success. Plus, staying up-to-date on market changes and new techniques keeps you sharp and ready to adapt. So while you can technically trade without it, having a solid understanding of forex gives you a much better shot at making smart moves and avoiding costly mistakes.
Fin_Trader
Well-known member
In Forex you will have to learn everything from scratch. Techniques of technical analysis are not taught in institutes. You will need to study a lot of information on your own. You can read analytics from brokers. For example, fxopen has a blog on qualitative analytics, where price behavior for many trading instruments, including cryptocurrency, is substantiated. There will be something to learn and take into account.
Polakandil
Well-known member
Imagine, you want to be a chef, or want to be a farmer, without education it will be difficult and you will face more challenges and difficulties, even though you already have spices and meat to cook in front of you, but you are confused about where to start. Unlike those who have learned to cook, he is not confused and does it step by step better than those who have never learned. I think forex trading is also the same.
Fin_Trader
Well-known member
Yes, without knowledge and experience in some business there will be no opportunity to earn money there. And gradually learning and finding the reasons for our mistakes, we gradually build our trading strategy. Therefore, here you need to constantly study and practice, then trading will become better and more profitable.
Absolutely, knowledge is indeed crucial in forex trading. Having a deep understanding of market dynamics, technical and fundamental analysis, risk management strategies, and trading psychology can significantly enhance a trader's ability to make informed decisions and navigate the complexities of the forex market. Continuous learning and staying updated with market developments are essential for success in this ever-changing landscape.
Yes of course, a well balanced approach does indeed bring about better results.
Fin_Trader
Well-known member
I would say that a systematic approach leads to positive results. And by trading systematically according to the rules and conditions of your strategy, you know when you need to wait, when to enter the market, when you need to fix your profit on time and, most importantly, what lot to trade so as not to violate the rules of risk management.
Lazarsblck
Member
If you don't plan on buying a well tested EA and run it through a VPS, then you definitely need to know what your doing. so definitely!
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